Covering all the bases.
Morgan Stanley may move about 1,000 employees out of Britain if the U.K. votes to leave the European Union next week, said a person with knowledge of the bank’s contingency plans.
Bloomberg News reports that the firm may relocate as many as one-sixth of its U.K. employees over a number of years if voters opt for a so-called Brexit, said the person who asked not to be named because the details are private. The bank has about 5,000 workers in London and additional workers in other parts of the U.K. The Sunday Times reported the potential moves earlier.
Wall Street banks from JPMorgan to Goldman Sachs face the possibility of their European headquarters in London becoming cut off from the 28-nation bloc. Access to the EU market for financial services may not be guaranteed if Britain pulls out, forcing global firms to reconsider where they locate thousands of employees and trading operations.
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